Toronto – Barrick Gold Corporation (NYSE: GOLD | TSX: ABX) closed 2024 with a robust performance, meeting production guidance and posting its highest earnings in over a decade. In Q4, gold production rose by 15% and copper output surged 33% over the previous quarter, driving down both cost of sales and total cash costs.
Across the full year, net earnings jumped 69% to $2.14 billion, while adjusted net earnings climbed 51% to $2.21 billion. Attributable EBITDA soared 30% to $5.19 billion, supported by a 20% increase in operating cash flow and more than double the free cash flow of 2023, reaching $1.32 billion.
Barrick maintained a quarterly dividend of $0.10 per share, distributing $696 million to shareholders in 2024 and buying back an additional $498 million in shares.
CEO Statement: Sustainable Growth and Long-Term Vision
“Barrick remains focused on sustainable value creation for all stakeholders. With top-tier assets, a healthy balance sheet, and organic growth projects, we are well-positioned for the future,”
Operational Highlights by Region
North America, Africa & Middle East: Met full-year production guidance. Latin America & Asia Pacific: Slightly below guidance due to delays at Pueblo Viejo, despite Veladero’s best performance in five years.
Notably, Pueblo Viejo will undergo a 35-day shutdown in Q1 2025 for upgrades, aiming to enhance recovery and throughput.
Key Performance Indicators
Production & Reserves:
Full-year attributable gold production: 3.91 million ounces Q4 copper production ensured guidance midpoint delivery Replaced 2024 gold depletion and added 13 Moz from Reko Diq Proven and probable gold reserves now at 89 Moz @ 0.99 g/t, up from 77 Moz in 2023 Copper reserves surged 224% year-on-year to 18 Mt @ 0.45%
Growth Projects:
Feasibility completed for Reko Diq and Lumwana, confirming Tier One status Fourmile project advancing to prefeasibility Engineering partners appointed; early works underway Veladero Phase 7B leach pad commissioned Decline development at Bulyanhulu to access new reserves
Sustainability Metrics:
48% reduction in Lost Time Injury Frequency Rate (LTIFR) Malaria Incident Rate in Africa & Middle East cut by 51% 824 hectares of land rehabilitated, 13% above target
Financial Performance:
Operating cash flow: $4.5 billion Free cash flow: $1.3 billion Q4 net earnings per share: $0.57 | Adjusted: $0.46 Share buybacks: $498 million total in 2024 $1.2 billion returned to shareholders in dividends and buybacks
2025 Outlook: Expanding Gold and Copper Output
Gold production projected at 3.15–3.5 Moz, excluding temporarily halted Loulo-Gounkoto Copper production expected to rise to 200,000–230,000 tonnes, driven by Lumwana expansion
Barrick’s Strategy: Self-Funded Growth Over M&A
Bristow reaffirmed Barrick’s commitment to organic growth without resorting to costly mergers or new equity issuance.
“Unlike many of our peers, we’re self-funding our pipeline. Our unmatched reserve replacement, world-class assets, and robust financials position us as the go-to stock in the sector.”
The company renewed its $1 billion share buyback program and continues constructive discussions with the Malian government amid Loulo-Gounkoto’s temporary suspension.
For more details on Barrick’s projects and regional operations, visit our related articles:
Reko Diq Copper-Gold Project Profile Lumwana Expansion and Feasibility Veladero: A Turnaround Story Barrick’s ESG Commitments and Performance
